Demystifying Digital Transformation

Bain Partner Ouriel Lancry talks on how the term "digital" has expanded to the point where it is frequently meaningless, which prevents businesses trying to undergo digital transformations from coming to an agreement. They contend that in order to achieve digital transformation, attention must be paid to both technology and how people use it. The speaker suggests a structure built on four pillars—digital strategy, business model, enablers (technology, people, culture, operational model), and orchestration—to help firms through the digital transformation process. They emphasize the significance of finding the "Ronnie" or core need of the company again and utilizing technology and digital to satisfy that demand. He also underlines how challenging it is to scale digital transformation across the entire organization, especially when working with legacy systems, and how crucial it is to choose the best transformational units and vectors of replication in order to be successful.